Browse 18 condos for rent in Waverly, IA on ForRent.com. A condo is a privately owned unit inside a residential building. Renting a condo is similar to renting an apartment in terms of flexibility. In fact, when you rent from a private owner, there may be even more room to negotiate lease terms. Renting a condo may require more responsibility than an apartment. While condo community maintenance is typically handled by HOA committees, the renter could be responsible for smaller maintenance tasks inside the unit. Additionally, condo renters may be subject to HOA rules regarding trash pickup, pet policies, and more that keep your community safe and clean.